Matrec (Developments) Limited - Period Ending 2019-03-31

Registration number: 01348749

Matrec (Developments) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Matrec (Developments) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Matrec (Developments) Limited

Company Information

Directors

G Outhwaite P L Wright

Company secretary

J A Harris

Registered office

6 St John Street Chester CH1 1DA

Accountants

CBSL Accountants Limited Chartered Accountants Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Page 1

Matrec (Developments) Limited

(Registration number: 01348749)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	3,595	5,164
Investment property	5	2,490,001	2,490,001
Other financial assets	6	163,605	-
		2,657,201	2,495,165
Current assets
Stocks	7	1,850	-
Debtors	8	147,154	126,230
Cash at bank and in hand		762,377	953,700
		911,381	1,079,930
Creditors: Amounts falling due within one year	9	(71,802)	(84,913)
Net current assets		839,579	995,017
Total assets less current liabilities		3,496,780	3,490,182
Creditors: Amounts falling due after more than one year	9	(2,918,656)	(3,029,197)
Net assets		578,124	460,985
Capital and reserves
Called up share capital		52	52
Capital redemption reserve		49	49
Other reserves		82,296	82,296
Profit and loss account		495,727	378,588
Total equity		578,124	460,985

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Matrec (Developments) Limited

(Registration number: 01348749)
Balance Sheet as at 31 March 2019

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 October 2019 and signed on its behalf by:
 

P L Wright
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Matrec (Developments) Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 St John Street
Chester
CH1 1DA

The principal place of business is:
Copper Beeches
Tiverton Health
Tarporley
Cheshire
CW6 9HR

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

Matrec (Developments) Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & machinery	10% straight line
Fixtures, fittings & equipment	20% straight line
Motor vehicles	25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments are stated at fair value with gains and losses at the year end date going through the profit and loss account.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 3).

Page 5

Matrec (Developments) Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2018	4,168	14,987	12,147	31,302
At 31 March 2019	4,168	14,987	12,147	31,302
Depreciation
At 1 April 2018	4,168	12,462	9,508	26,138
Charge for the year	-	631	938	1,569
At 31 March 2019	4,168	13,093	10,446	27,707
Carrying amount
At 31 March 2019	-	1,894	1,701	3,595
At 31 March 2018	-	2,525	2,639	5,164

5	Investment properties

	2019 £
At 1 April	2,490,001
At 31 March	2,490,001

The directors review the value of the investment properties annually and are satisfied that they are held at open market value. The historic cost for these properties is £2,522,413.

Page 6

Matrec (Developments) Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

6	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Non-current financial assets
Cost or valuation
Fair value adjustments	13,605	13,605
Additions	150,000	150,000
At 31 March 2019	163,605	163,605
Carrying amount
At 31 March 2019	163,605	163,605

7

Stocks

	2019 £	2018 £
Work in progress	1,850	-

8

Debtors

	2019 £	2018 £
Trade debtors	142,747	121,797
Prepayments	4,407	4,433
	147,154	126,230

9

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	15,346	5,840
Taxation and social security	11,389	24,469
Accruals and deferred income	5,778	3,990
Other creditors	39,289	50,614
	71,802	84,913

Page 7

Matrec (Developments) Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Creditors: amounts falling due after more than one year

	2019 £	2018 £
Due after one year
Other non-current financial liabilities	2,918,656	3,029,197

10	Related party transactions

At the year end a balance of £2,918,656 (2018 - £3,029,197) was owed by the company to the directors. There are no immediate plans to repay the loans as the company has the full support of the directors. The loans are interest free.

Page 8